2009.09.10 DRAIN THE BANKS - LIKE A RAT
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I consistently make my target for the day of 2% being just a green rat. Yes I have had bad trades, but using the rules. I have repeatedly made my target for the day.
I trade only the GBP/USD, I use to trade other pairs but I find my daily goals being met in the GBP/USD
I am not sure of what your definition of rich is, but for myself. This has been a consistently producing trade set up that has dramatically increased my trading account.
I would say that most of the trades I take, I am out at an average of +5 pips.
Following the set up rules, I find myself not being hit by the SL very often. The rest is money management that allows my goals to be nailed each day.
If 10 pips is my risk, and my risk is equal to the daily target amount, or 2%. Then by taking these smaller profit trades I am able to exit at a profit before the rally fails.
What I have found is that on occasion the market will take off for a large pip gain, but by taking the small gains I can easily hit my daily target without the fear of the stop being hit. Since I am already out of the market when the reversal weakens.
I firmly believe the trade set up can yield small gains before a 10 pip lose is hit...I have seen it happen repeatedly. I do not target the 20+ pip gains, unless I see the market moving very fast in my favor.
If I see signs of a weakening rally before my TP is hit. I have no problem exiting the trade early.
The below chart shows two trade set ups that I was able to take, with small pip gains.
I trade only the GBP/USD, I use to trade other pairs but I find my daily goals being met in the GBP/USD
I am not sure of what your definition of rich is, but for myself. This has been a consistently producing trade set up that has dramatically increased my trading account.
I would say that most of the trades I take, I am out at an average of +5 pips.
Following the set up rules, I find myself not being hit by the SL very often. The rest is money management that allows my goals to be nailed each day.
If 10 pips is my risk, and my risk is equal to the daily target amount, or 2%. Then by taking these smaller profit trades I am able to exit at a profit before the rally fails.
What I have found is that on occasion the market will take off for a large pip gain, but by taking the small gains I can easily hit my daily target without the fear of the stop being hit. Since I am already out of the market when the reversal weakens.
I firmly believe the trade set up can yield small gains before a 10 pip lose is hit...I have seen it happen repeatedly. I do not target the 20+ pip gains, unless I see the market moving very fast in my favor.
If I see signs of a weakening rally before my TP is hit. I have no problem exiting the trade early.
The below chart shows two trade set ups that I was able to take, with small pip gains.
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- August 17th.png (32.18 KiB) Viewed 4665 times
tfg wrote:MO,
It looks like you trade RAT on m15?
Do you take RAT trade only within 20pip off extremes? Do you take any RAT trades outside so?
I do it like this:
I also have no problem trading the RAT on the 5 minute chart using TRO's rules...minus the stop loss.
If I am going short then I ask myself what line price should not close above.
MightyOne wrote:tfg wrote:MO,
It looks like you trade RAT on m15?
Do you take RAT trade only within 20pip off extremes? Do you take any RAT trades outside so?
I do it like this:
http://i38.tinypic.com/2j1ves8.gif
I also have no problem trading the RAT on the 5 minute chart using TRO's rules...minus the stop loss.
If I am going short then I ask myself what line price should not close above.
Great info MO tx
These are my principles. If you don't like them, I have others.
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- bredin
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MO described that as 1/10th of your normal position, effectively reducing spread to ~0, stops to 'tiny' values, and greatly slowing the market (patience!).
G.
G.
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- TheRumpledOne
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"Now, 2 patterns of market behavior happen on a regular basis:
1) the price breaks to new high's (or low's)
2) the price reverses from new high's (or low's)
They happen regardless of time frame (with the obvious limitations explained above)
They are phenomena that can be exploited without the fear if found out by others, that they might cease to exist." - H. Rearden
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"The technique is so simple that just several lessons (or a few pages of explanations) cover it all. Now what? Now the student has to practice, practice and practice again to understand what he had been taught. The teacher DOES know much more than the student, but his understanding can't be "passed", "transferred" or taught in any way -- not even by reading books."
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!
Please do NOT PM me with trading or coding questions, post them in a thread.
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